Shiba Inu Whale Transaction to Binance Raise Brows
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The world’s largest cryptocurrency exchange by trading volume, Binance, has received a transfer of up to 4 trillion tokens from a Shiba Inu (SHIB) whale to an unidentified wallet. The transferred SHIB tokens are valued at $34,736,666, according to statistics from cryptocurrency analytics company Whale Alert, and their regularity is starting to fuel several speculations about the trading site.
🚨 🚨 4,000,000,000,000 #SHIB (34,736,666 USD) transferred from #Binance to unknown wallethttps://t.co/Jen0cCfHEN
— Whale Alert (@whale_alert) January 10, 2023
Following the collapse of the FTX derivatives exchange, there have been considerable concerns for centralized exchanges, particularly Binance, which has a significant market share.
As a result of the FUD that overtook Binance, the exchange has been seeing significant withdrawals. Binance has reportedly recorded more than $12 billion in money outflows over two months, according to sources citing statistics from Forbes.
As evidenced by recent data, the exchange is also experiencing a significantly slower increase in trade volume than Coinbase and Kraken, which both saw increases of 31.8% and 62.3%, respectively.
The fact that Binance has the necessary amounts in its proof of reserve, which it publicized and had Mazars verify last year, demonstrates both the outflow of cash from the exchange and its ability to meet its present withdrawal obligation.
CertiK Ranks Shiba Inu as Second Most Secure Crypto Project
In other related news, Shiba Inu was identified as the second-most safe crypto project by blockchain security pioneer CertiK in their Web3 Security Leaderboard assessment. Shiba Inu came in second place, just behind Polygon, with a score of 93.
#shibainu is trending.. again?!
Don't miss the @Shibtoken's CertiK page with all the highlights 👇
Coming in at #2 on the Security Leaderboard, #SHIB has collected a number of badges.https://t.co/ICSISKiYoX pic.twitter.com/zsVmTtlPZ4
— CertiK Skynet Rating (@CertiKCommunity) January 9, 2023
The relative security of SHIB, the state of the market, and public opinion were all considered in the report. Ahead of the Shibarium Layer-2 blockchain launch, social activity related to SHIB has grown. According to speculations, the debut is expected to occur in the first half of 2023.
Siba Inu’s decentralization, enormous market cap, longevity, significant social following, and availability of bug bounties were some of the aspects that contributed to its success.
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